Koree, a Cameroonian startup that allows consumers to digitally collect their spare change from cash retail payments and earn cashback from stores and brands across multiple categories, is planning to expand across Francophone Africa with the help of matching funding from Catalytic Africa.

The startup recently received a $22,000 investment from Cameroon Angels Network (CAN), which unlocked a 3X matching investment of EUR60,000 (US$66,000) from Catalytic Africa.

Koree was founded in September 2022 by Magalie Gauze-Sanga, who saw an opportunity to address the problem of coins and low-value bill scarcity in French-speaking countries in Sub-Saharan Africa. This scarcity can slow down the velocity of retailers' transactions, and can also lead to merchants having to buy spare change on the black market for a high fee.

Koree's product solves this problem by letting merchants handle payments in cash, which represents 85% of offline merchant transactions in the region. Koree users can digitally collect their spare change from cash retail payments, and they can also earn cashback from stores and brands across multiple categories.

Since its inception, Koree has processed approximately 30,000 transactions worth over US$200,000. The startup is currently used by 10,000 users and 40 store partners.

With the new funding from CAN and Catalytic Africa, Koree plans to expand throughout Cameroon and into other markets in Francophone Africa, such as Ivory Coast, Senegal, and the Democratic Republic of the Congo.

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We are excited to partner with Catalytic Africa to help us scale our business and reach more consumers and merchants across Francophone Africa. This funding will allow us to invest in our product development, marketing, and sales efforts.

said Gauze-Sanga.

Catalytic Africa is a co-investment fund established in 2019 by the African Business Angels Network (ABAN) and AfriLabs. The fund's mission is to support early-stage startups in Africa with high growth potential.

We are impressed with Koree's team and its solution to the problem of coins and low-value bills scarcity in Francophone Africa. We believe that Koree has the potential to be a major player in the African fintech space, and we are excited to support its growth.

said Catalytic Africa CEO Akeem Ogunsanwo.